中金2026年展望生物医药:创新主旋律,出海与商保破局

智通财经
Nov 08, 2025

药审改革红利持续释放,在国内工程师红利、丰富临床资源和支持性政策多边加持下,国产创新药已逐渐从跟随时代走向FIC/BIC创新。中国创新药陆续进入国际舞台。与此同时,中国创新药产业已由“引进模仿”转向“创新输出”。目前海外授权license out和new co等形式是当前创新药国际化的重要手段,中国创新药进入2.0时代。我们认为器械等其他品类出海值得期待。2023年开始的医疗反腐经历1年集中整治,...

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